Gold Futures marginally higher on firm international trend

Gold Futures on the MCX was trading marginally higher with Gold for April delivery trading at Rs 28,517, up Rs 40 on the MCX.

Silver was also up in line with gold and was trading at Rs 43,249, higher by Rs 51.

In the international markets Gold was near two weeks high on signs of increasing demand from China and rising tensions over Ukraine. Spot gold rose 0.3 percent to $1,313 an ounce.

In India gold prices have been drifting lower on the back of gains of the rupee against the dollar. The rupee has been rising steadily against the dollar and has now moved to a level of 59.90, from 61 levels a few weeks back. This has led to a drop in the domestic prices of gold.

Indians did not benefit after a sharp drop in the price of gold last year, due to the sharp depreciation of the rupee against the dollar. While international prices of gold fell, the rupee also fell against the dollar, negating benefits of a drop in the international prices of gold. Check gold rates here